absolutely.
The last tune I did, which sounds jaw dropping to me, is run the preamp of the 2101 (I wanted the tube driven sound) and the cab emulator of the 11R.
The chain looks something like this:
Guitar -> Distortion(11r) -> 11R FXLoop(2101) -> Cab(11R) -> ParamEQ (11R) -> XLR out of 11R to Rokit8 Monitors
It sounds freaking huge live and in the mix:
GSP2101 - New Patch